STG seems to form a Wyckoff accumulation price action. At this moment, it holds quite well the current level $1.03. In my opinion, one can have two potential LONG setups.
Set-up 1: if STG hold the current level while BTC could down as much as $23000.
Set-up 2: if STG cannot hold the current level, and go down to the the long-term trendline.
Target will be the resistance at AR (high range of the blue box). Stop-Loss would be -5% from support levels.
In this context where BTC is going down, this is a high-rish trade but with good R:R.
You can check my analysis for BTC in the link below for possible reaction of BTC in short-term.
Set-up 1: if STG hold the current level while BTC could down as much as $23000.
Set-up 2: if STG cannot hold the current level, and go down to the the long-term trendline.
Target will be the resistance at AR (high range of the blue box). Stop-Loss would be -5% from support levels.
In this context where BTC is going down, this is a high-rish trade but with good R:R.
You can check my analysis for BTC in the link below for possible reaction of BTC in short-term.
Note
STG is almost 10% up since proposed entry (at ST in Phase B support).Would take some profit at $1.15 because BTC would go down again.
Note
STG has recovered 14% since entry. Some profit token at $1.15. SL is risen to entry $1.13.Note
STG is bouncing after retesting the box's supportTrade active
Setup 2 is activated with entry $1 and SL $0.87.Target $1.33
I'll add more when prices are down to $0.95
Note
+15% (at least) since proposed entry of Setup 2
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.